Instrument: Gold
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1892.81 with take profit at 1895.51.
Bearish Preference:
Sell position is envisaged if price trades below 1883.74 with take profit at 1881.35.
Fundamentals:
3:00pm USD Prelim UoM Consumer Sentiment
Comment: Gold futures are trading flat to lower on Friday as traders continue to assess the impact of yesterday’s U.S. consumer inflation report on Federal Reserve policy. However, yesterday’s strong rebound following the release of the inflation numbers suggests some investors believe policymakers won’t make a change when they meet on June 15-16. Inflation may be coming in a little bit hotter than expectations, but there is evidence that some of the increase is being fueled by prices rises related to the pandemic.
Analysis: SCRUM Team